An exasperated customer sought help from Union Minister Nirmala Sitharaman after failing to secure a hearing from the insurance ombudsman’s Delhi office over alleged non-payment of his claim. The complainant tagged the finance minister in a post on X (formally Twitter) while sharing a letter mentioning the details of his grievance. “Mam please help us … Read more
Budget expectations: The upcoming Union Budget for 2025, scheduled to be announced on February 1, is anticipated to bring forth reforms to bolster the expansion and reach of the insurance industry in India. Given the sector’s upward trajectory in recent times, industry experts are optimistic about initiatives that could promote financial inclusivity and stability. Insurers … Read more
Health insurance claims: A survey conducted by LocalCircles found that over 50% of health insurance policyholders who submitted claims in the last three years experienced either rejection or partial approval. Of the policyholders surveyed who filed a claim within the same timeframe, six in 10 reported that it took between six and 48 hours for their … Read more
India’s journey toward financial inclusion has witnessed various innovations in policy over the last decade. The government’s JAM, which is the bedrock of the digitalisation drive to formalise the economy, has been the biggest game changer for the BFSI industry. JAM stands for ‘Jan Dhan Account – Aadhaar – Mobile’ and has revolutionised financial inclusion … Read more
Embracing regulatory transformation and innovation, the year 2023 was nothing short of a milestone for the insurance industry. The dynamic customer needs served as a catalyst of change and the industry rose to the occasion with several customer-centric policy changes. The regulatory authority is already steering the sector toward Insurance 2.0 with initiatives like Bima … Read more
We live in a VUCA world which stands for volatility, uncertainty, complexity, and ambiguity — no industry is safe from the uncertainties it brings. One must always seek a different approach to harness the organization’s potential to survive and thrive in this evolving world. Insurance is also no exception to this VUCA world and must … Read more
KOLKATA: Life Insurance Corporation of India (LICI), which is preparing for its Initial Public Offer (IPO) despite volatility in the stock market, has already made a profit of Rs 13,000 crore from its equity portfolio till August this year, a top official said on Wednesday. The insurer has collected about Rs 87,300 crore of renewable … Read more